Stewardson, Illinois Property Taxes
The median property tax rate in Stewardson, IL is 2.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stewardson, the typical annual property tax bill reaches $2,198, slightly below the national median of $2,690. Property taxes in Stewardson are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stewardson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Stewardson or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stewardson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$2,262
$2,210
Ownwell’s Stewardson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stewardson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stewardson to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Stewardson, Illinois
Property taxes in Stewardson, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stewardson is 2.10%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Stewardson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stewardson estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Stewardson's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62463 has the highest median property tax rate of 2.10%, while the same zip code also has the lowest median tax rate of 2.10%. Understanding how these cities compare with Stewardson provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stewardson Tax Rate
2.10%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stewardson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62463 | 1.40% | 1.92% | 2.10% | 2.42% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Stewardson, Illinois
In Stewardson, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Shelby County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Stewardson, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Stewardson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Stewardson is $107,703. The property tax bill for the 25th percentile is $1,063, while the 75th percentile sees a bill of $3,403, and the 90th percentile reaches $4,780. The zip code 62463 has the highest and lowest median tax bill, both at $2,198.
Average Stewardson Assessed Value
$107,703
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stewardson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62463 | $19,302 | $49,339 | $107,703 | $163,382 | $219,270 |
Source: Ownwell
Property Tax Bills Across Stewardson, Illinois
In Stewardson, Shelby County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value, reflecting its estimated worth in the current real estate market. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements or additions made to the property. Local government budgets and funding requirements for public services like schools, roads, and emergency services also play a crucial role in setting the tax rate. For homeowners in Stewardson, property tax bills can vary significantly. The tax bill can range from $1,063 at the 25th percentile to $4,780 at the 90th percentile, with the median home price at $107,703. Compared to the national median property tax rate of 0.99%, the tax burden in Stewardson can be substantial, impacting homeowners' annual expenses and potentially influencing their financial planning and homeownership decisions.
Average Stewardson Tax Bill
$2,198
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stewardson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62463 | $376 | $1,063 | $2,198 | $3,403 | $4,780 |
Source: Ownwell